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Are you considering selling your home? Your first thought is to speak with a real estate agent but with all the financing changes it makes sense to speak with an independent mortgage broker.
Talking with your mortgage broker might not sound like the most logical place to start, but below are a few scenarios that will help explain why it makes the most sense.
If you’re buying a brand-new property
If you’re selling your property, chances are, you’ll have to move somewhere! So, if you plan on buying a new property and using the equity from the sale, chances are you’ll likely need a new mortgage.
Don’t assume that just because you’ve secured mortgage financing before, you’ll qualify again. Mortgage rules are constantly changing; make sure you have a pre-approval in place before you list your property.
Also, by connecting with a mortgage broker first, we can look into your existing mortgage terms. We might be able to transfer your mortgage instead of getting a new one, which could save you some money on penalties.
If you’re not buying a new property
Even if you aren’t buying a new property and want to sell your existing home, it’s still a wise idea to chat with a mortgage broker first. We can look at the cost of breaking your mortgage
unless you have an open mortgage or a line of credit. If you have a closed term there will be a penalty for breaking your mortgage. The goal is to work on a plan to minimize your penalty. Because of how mortgage penalties work, sometimes it’s just a matter of waiting a few months to save thousands. You’ll never know unless you dig deep into the details of your existing mortgage contract, especially since all lenders calculate penalties very differently.
The simple truth is that marriages break down. When that happens, often, people want closure, and unfortunately, they make decisions without really thinking them through or seeing the complete picture. So, instead of simply selling the family home because that feels like the only option, please know that special programs allow one party to buy out the former spouse. The key is to have a legal separation agreement in place.
If you’d like to discuss the sale of your property and your plans for the future, connect anytime. It would be a pleasure to work with you!